Cape Plc (CIU.L), a provider of non-mechanical support services, announced Thursday that Martin May is resigning as chief executive and as a director of the company with immediate effect to pursue a new challenge. Brendan Connolly has been appointed as acting chief executive.
May served Cape for the last 10 years. Chairman Tim Eggar stated, "Brendan has made a big contribution since joining our Board and has extensive CEO and senior management experience in the energy sector....I am confident that we are well-positioned for continued growth."
Connolly has been a non-executive director of the company since 2011. Following the appointment, he will step down from Cape's Audit, Remuneration and Nomination Committees.
Connolly has over 25 years of international experience in Oil & Gas industry with Schlumberger, and was CEO of Moody International, an energy inspection company. Prior to that, he was Industry President at Intertek. He has 30 years of international service company experience; interfacing with the same client groups as Cape, the company noted.
Cape said its nomination committee has commenced search for the replacement and a permanent appointment will be made in due course.
Earlier, this month, the company reported a decline in full year 2011 pre-tax profit to 61.9 million pounds, while adjusted earnings were 43.8 pence per share compared to 42.6 pence per share last year. Revenue for the year went up to 722.5 million pounds from 650.1 million pounds a year ago.
CIU.L is currently trading at 427.4 pence, down 2.91 percent, on a volume of 1.89 million shares, against a three-month average volume of 481 thousand shares on the LSE.
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